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Would this be a smart move?

My husband and I do not have very good credit. We have a credit card that has not been paid on in awhile, two student loans and a bank we owe $300 to. As a result of these things no bank will let us have an account anymore. We pay all our bills with cash or a money order. I no longer attend college so my student loan will be due back soon. My husband and I were thinking of maybe increasing his student loan by enough to pay off all these debts I've mentioned. We won't be debt free of course but at least we will only owe to one person and there won't be any interest or payments due until he graduates. Is this smart do you think?

 
Anonymous

Asked by Anonymous at 6:39 PM on Jan. 7, 2010 in Money & Work

This question is closed.
Answers (6)
  • As long as you start working on getting the money to pay off the loan in time after he finishes school, I think it's a good idea.
    Anouck

    Answer by Anouck at 6:55 PM on Jan. 7, 2010

  • I probably would b/c the interest on student loans is much lower then most interest... how much longer does he have before he is out of school?
    maybebaby83

    Answer by maybebaby83 at 6:45 PM on Jan. 7, 2010

  • 2 years.
    Anonymous

    Answer by Anonymous at 6:47 PM on Jan. 7, 2010

  • There actually will be no interest charged on the loan until he is done with school.
    Anonymous

    Answer by Anonymous at 6:48 PM on Jan. 7, 2010

  • honestly, i thought about doing that as well. does he have the availibilty to do that? that will give u "debt free" and 2 years to save up. just start paying on the loans now so u arent overwhelmed when time comes to start payin.
    mrsjosey1018200

    Answer by mrsjosey1018200 at 6:55 PM on Jan. 7, 2010

  • As long as the student loan is not specifically for tuition. If it is meant for living expenses while you are in school as well, then there is nothing wrong with it. Just be careful, make sure to read the small print because you can get in trouble. But yes, that does sound like a great idea because the interest on student loans is generally at least half of that of a credit card.
    RutterMama

    Answer by RutterMama at 9:10 PM on Jan. 7, 2010

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